Yields were generally lower globally as PMI data came in softer than expectations. German services saw a sharp deterioration, but across the US and Europe PMIs generally pointed to a slowdown. Yields were sharply lower, with the US 10yr down 13bp, matching the decline in 10yr German yields. An initial rise in the DXY on the back of euro weakness was fully reversed, with the DXY down 0.2%. The AUD was 0.9% higher to 0.6481. Equities were stronger, led by tech ahead of much anticipated earnings from Nvidia. Those earnings result out after hours did not disappoint. European PMIs showed relative resilience in services ... (full story)